The strong rebound in confidence among small businesses seen in late 2021 proved short-lived as the impact of the Omicron COVID-19 variant and rising costs took their toll.
Costs also remained elevated with labour and materials availability continuing to be a constraint for a large share of firms."Still, our expectation is for the economy to continue to strengthen over coming months which should help SMEs to recover from the disruptions earlier in the year." Commonwealth Bank group economists are expecting the annual rate of the consumer price index to surge to 4.3 per cent, the fastest pace since September 2008, and up from 3.5 per cent as of the December quarter.
yes opened too quickly to overseas, dropped restrictions too quickly, seems still at it. Only big business wanted Australia to be reopened to the world with restrictions removed. They suffer nothing from the setbacks.
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